Examples of Final Recovery Determination in a sentence
Upon a Final Recovery Determination with respect to the Mortgage Loan, the Lead Master Servicer shall transfer any related Threshold Event Collateral held in the form of cash (or, if the related Threshold Event Collateral is a letter of credit, the proceeds of such Threshold Event Collateral) to the Custodial Account, which such transferred amount shall be treated as Liquidation Proceeds and applied in accordance with Section 3(b) or 3(c), as applicable.
The Company will give notice of any such charge-off and related Final Recovery Determination to the Trustee and the Master Servicer pursuant to Section 5.03.
The obligation of the Seller to make such Servicing Advances is mandatory, notwithstanding any other provision of this Agreement, and, with respect to any Mortgage Loan or REO Property, shall continue until a Final Recovery Determination in connection therewith; provided that, notwithstanding anything herein to the contrary, no Servicing Advance shall be required to be made hereunder by the Seller if such Servicing Advance would, if made, constitute a Nonrecoverable Servicing Advance.
Except as otherwise provided in Section 11(c), the Servicer shall withdraw funds in the Excess Collections Reserve Account and apply such funds pursuant to Section 3 only upon receipt of a notice of the Special Servicer’s determination of a Final Recovery Determination.
The obligation of the Servicer to make such Monthly Advances is mandatory, notwithstanding any other provision of this Agreement, and, with respect to any Loan or Foreclosure Property, shall continue until a Final Recovery Determination in connection therewith; provided that, notwithstanding anything herein to the contrary, no Monthly Advance shall be required to be made hereunder by the Servicer if such Monthly Advance would, if made, constitute a Nonrecoverable Monthly Advance.